GRAPHICAL USER INTERFACE FOR PRESENTING INCREMENTAL OPPORTUNITIES IN A FINANCIAL PLANNING SYSTEM
A graphical user interface for a financial planning system includes a dashboard page that includes an estimated income widget. The estimated income widget includes a comparison of an estimated retirement income amount to a user goal. The GUI is programmed to call at least one planning engine to generate the comparison based on a respective user profile. The GUI also includes an opportunity rules engine programmed to identify, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications. The dashboard page further includes an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
This application claims priority to U.S. Provisional Patent Application No. 62/674,407, filed May 21, 2018, and entitled “PLANNING ENGINE FOR DYNAMIC ACCOUNT OPTIMIZATION”, which is hereby incorporated by reference in its entirety.
BACKGROUNDThe disclosure relates generally to account management, and more specifically to, a user interface for manipulating account projections based on financial data captured and aggregated from multiple sources.
Increasingly, individuals are responsible for managing their own personal retirement accounts, which may be supplemented by employer contributions. Individual accountholders may be ill-equipped to optimize retirement accounts, as the lengthy term of the account increases sensitivity to asset allocation, contribution strategies, withdraw strategies, and changes in supplemental retirement benefits. For example, market conditions and/or a projected retirement date may require specific adjustments to the asset allocation of the account. Additionally, contribution and withdrawal policies may change. For example, taxes may be adjusted or assessed differently from year to year. As a result, many participants in financial plans, such as employer-provided 401(k) plans, would benefit from enrollment in a financial planning system that provides enhanced service, such as improved recommendations and visualization tools. However, at least some known financial planning systems, in attempting to provide a more sophisticated set of tools for the user, present a dramatically different and/or more complex user interface as compared to the basic 401(k) plan management interface to which many users are accustomed. As a result, many ordinary participants may be dissuaded from enrolling in, or continuing to stay enrolled in, such enhanced services.
Moreover, at least some known conventional on-line financial planning systems generate a large number of recommendations that overwhelm the ordinary user, and/or recommendations that are too complex for the ordinary user to grasp, and/or recommendations that result in changes that appear extreme to the ordinary user. As a result, financial planning participants using such known systems may be unable or unwilling to take steps to improve their income in retirement.
BRIEF DESCRIPTIONIn one aspect, a graphical user interface (GUI) for a financial planning system is provided. The financial planning system includes at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user. The GUI includes a dashboard page that includes an estimated income widget. The estimated income widget includes a comparison of an estimated retirement income amount to a user goal. The GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles. The GUI also includes an opportunity rules engine programmed to identify, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications. The dashboard page further includes an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
In another aspect, a computer-implemented method for implementing a graphical user interface (GUI) for a financial planning system is provided. The financial planning system includes at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user. The GUI includes a dashboard page and an opportunity rules engine. The method includes displaying, by the GUI, the dashboard page including an estimated income widget. The estimated income widget includes a comparison of an estimated retirement income amount to a user goal. The GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles. The method also includes identifying, by the GUI via the opportunity rules engine, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications. The dashboard page further includes an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
In another aspect, at least one non-transitory computer-readable storage media that includes computer-executable instructions for implementing a graphical user interface (GUI) for a financial planning system is provided. The financial planning system includes at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user. The GUI is generated by at least one processor, wherein when executed by the at least one processor, the computer-executable instructions cause the at least one processor to display a dashboard page that includes an estimated income widget. The estimated income widget includes a comparison of an estimated retirement income amount to a user goal. The GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles. The computer-executable instructions also cause the at least one processor to identify, via an opportunity rules engine, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications. The dashboard page further includes an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
The following detailed description illustrates embodiments of the disclosure by way of example and not by way of limitation. The description enables one skilled in the art to make and use the disclosure. It also describes several embodiments, adaptations, variations, alternatives, and uses of the disclosure, including what is presently believed to be the best mode of carrying out the disclosure.
The systems and methods of the disclosure facilitate generating account projections based on financial data captured and aggregated from multiple sources, and alerting accountholders in response to changes in the account projection.
A GUI computer system for providing a graphical user interface (GUI) is provided. The GUI computer system is in communication with at least one planning engine. The planning engine includes multiple optimization modules for planning significant personal economic events (e.g., investment, savings, retirement). The GUI computer system is configured to capture and centrally store user profile data, including the financial data used by the optimization modules, such as the composition of investment accounts (e.g., employer-provided 401(k) plans). The planning engine is configured to retrieve additional financial data from multiple external data sources, such as asset return projections. Additionally, the GUI computer system may be configured to provide a web interface to capture financial data from the user. For example, the GUI computer system may provide a HTTP API or an interactive web application through which the user can enter data. Additionally, the GUI computer system may be configured to cause the GUI to be displayed by an application installed on a mobile device of a user.
The planning engine is configured to generate account projections in response to captured financial data. In some embodiments, the planning engine generates account projections (e.g., in near-real-time) based on updated financial data retrieved from the external data sources (e.g., third-party banking institutions, investment institutions) and/or from the user interface. For example, a deferral optimization module generates an updated account projection based on changes in employer contribution formulas, maximum contribution formulas, effective tax rates, current contribution rates, account allocation, project return data, and the like.
In certain embodiments, the GUI computer system provides basic or introductory-level services for an existing retirement account. For example, the retirement account is associated with a 401(k) or similar plan provided by an employer, and the GUI computer system provides a default user interface to employees to allow each employee to monitor performance and/or update basic data regarding the account. In addition, the GUI computer system provides an option to register for enhanced services, such as a financial advisor program that integrates other accounts and benefits of the user into a unified retirement income analysis and planning system. For users who register for the enhanced services, the GUI computer system maintains and builds upon the graphical GUI associated with the introductory-level services, adding additional functionality and features in order to provide a familiar and streamlined user experience to users who register, thus reducing barriers to user enrollment for the enhanced service level. In some such embodiments, the planning engine includes a first planning engine configured to receive calls from the GUI and provide financial projections for the basic or default service level, and a second planning engine configured to receive calls from the GUI and provide financial projections and recommendations for the enhanced service level. Alternatively, a single planning engine interfaces with the GUI for both service levels.
In some embodiments, the GUI computer system is configured to generate alerts based on the updated account projection. In some embodiments, where the GUI computer system is configured to compare account projections with stored financial goals, the GUI computer system may be configured to alert accountholders when an account projection does not satisfy a stored financial goal. Additionally, the GUI computer system may be configured to call the planning engine to generate an updated account configuration (e.g., contribution amount, asset allocation) in response to the updated account projection.
As such, the GUI computer system allows the user to receive benefits in managing a retirement plan by, for example, projecting investment account balances, estimating investment income, evaluating the effect of planned contributions, evaluating the effect of benefit plans, adjusting account asset compositions, projecting required replacement income, and determining a withdrawal schedule. Collection, analysis, and targeted presentation of such user and market data allows the user to better determine whether they are on target to meet their retirement goals or manage their wealth during retirement.
In the example embodiment, FP system 100 also includes at least one user computing device 112. In some embodiments, user computing device 112 includes computing devices configured to implement a web browser or a software application, which enables user computing device 112 to communicate with server GUI computer system 114 (e.g., using the Internet.) User computing device 112 and GUI computer system 114 may be communicatively coupled through various networks or network interfaces including, but not limited to, at least one of a network, such as the Internet, a local area network (LAN), a wide area network (WAN), an integrated services digital network (ISDN), a dial-up-connection, a digital subscriber line (DSL), a cellular phone connection, and a cable modem. Alternatively, user computing device 112/or and GUI computer system 114 include any device capable of accessing the Internet such as, for example, a desktop computer, a laptop computer, a personal digital assistant (PDA), a cellular phone, a smartphone, a tablet, a phablet, or other web-based connectable equipment. User computing device 112 may be computing devices associated with at least one user 102, and may be communicatively coupled to GUI computer system 114.
In one embodiment, GUI computer system 114 includes a database server 118 that is communicatively coupled to a database 120. Database 120 stores user profile data associated with a plurality of users 102, account data associated with users 102, financial projections generated by the optimization modules, and other data that may be required for planning engine 150 to function as described herein. GUI computer system 114 is configured to centrally store account data, asset data, user profile data, and asset class data in database 120. GUI computer system 114 uses database server 118 to interface with database 120.
According to the example embodiment, database 120 is disposed remotely from GUI computer system 114. In other embodiments, database 120 is centralized, and may be a part of GUI computer system 114. In the example embodiment, an administrator or a financial planner (not shown) associated with FP system 100 or user 102 is able to access database 120 through a user computing device, such as user computing device 112, by logging onto GUI computer system 114. In the example embodiment, GUI computer system 114 may be associated with a financial services provider or financial account recordkeeper (not shown).
GUI computer system 114 is configured to capture and centrally store financial data associated with a financial portfolio of the user 102. In some embodiments, GUI computer system 114 provides an interactive web application to user computing device 112, through which the user 102 can enter data or otherwise interact with GUI computer system 114. Additionally, GUI computer system 114 may provide an API (e.g., a HTTP API), through which financial data may be received from one or more financial data sources 116. Financial data received from financial data sources 116 may include, for example, interest rates, projected growth rates for various funds or asset classes, the compositions of funds managed by third parties, and/or employer contribution data. GUI computer system 114 may use database server 118 to store received financial data in database 120. For example, database server 118 may parse financial data received from user computing device 112, planning engine 150, and/or financial data sources 116 before storing the financial data in database 120.
In the example embodiment, web server 154 generates and transmits web pages to user computing device 112 to implement the GUI. The generated web pages may be configured to capture data from user 102, and transmit it back to server computing device 114. For example, user 102 may fill form fields on a webpage. Additionally, web server 154 may generate visualizations and/or representations of data (e.g., account balance projections) for display on user computing device 112 (e.g. on a retirement planning dashboard).
Advisory rules engine 202 is configured to execute and schedule optimization modules based on user profile data and account data retrieved from GUI computer system 114. Advisory rules engine 202 manages operation of: (i) return calculation module 204 (e.g. to project account balances over time based on asset data), (ii) contributions module 208 (e.g. to adjust account balances generated by return calculation module 204 based on planned asset contribution data), (iii) benefits module 210 (e.g. to project the value of benefit plans), (iv) investment income module 206 (e.g. to project investment income based on account balances generated by return calculation module 204), (v) replacement income module 212 (e.g. to determine a replacement income amount based on user profile data), and (vi) distributions module 214 (e.g. to generate distribution schedules based on the investment income data generated by investment income module 206).
Return calculation module 204 is configured to receive account data including asset identifiers from GUI computer system 114, to calculate an expected return and standard deviation for each asset, and to derive an overall expected return and account standard deviation using the results for each of the assets. For example, an account may include assets of multiple types, such as securities, electronically traded funds, managed funds, bonds, and the like. Return calculation modules 204 applies any suitable algorithm to calculate the expected return and standard deviation for each type of asset.
In some embodiments, for each asset identifier, return calculation module 204 is configured to determine if the asset is managed or non-managed. In response to each asset identifier determined to be non-managed, return calculation module 204 determines the composition of the asset. In the example embodiment, return calculation module 204 determines asset class composition percentages. For example, return calculation module 204 may determine an asset is composed of 40% technology stock, and 60% municipal bonds. Return calculation module 204 retrieves expected return, standard deviation, and covariance data for each asset class. For example, technology stocks may have an expected return of 10% with a standard deviation of 0.4.
In response to each asset identifier determined to be managed, a glidepath module may be called. Alternatively, return calculation module 204 calculates expected returns in any suitable fashion. For example, return calculation module 204 generates projected account balance data based on expected return, standard deviation, and covariance data retrieved for each asset. More specifically, return calculation module 204 generates an account expected return based on aggregating the expected return of each asset. Additionally, return calculation module 204 generates an account standard deviation based on aggregating the retrieved standard deviation data for each asset.
Return calculation module 204 outputs a matrix of account expected returns, including the account expected return, and account expected returns modified by the aggregated standard deviation data. For example, account balances at multiples of the standard deviation may be output. In some embodiments, return calculation module 204 is configured to return the expected return matrix to GUI computer system 114, to be stored in database 120 using the account identifier.
Additionally, return calculation module 204 is configured to generate a projected account balance using the expected return matrix. Return calculation module 204 receives a baseline account balance, such as a previous year account balance or current account balance. The previous year account balance may be zero. Return calculation module 204 iteratively applies the expected return matrix to the baseline account balance to generate an account balance projection. In the example embodiment, return calculation module 204 determines projected annual balances. For example, annual account balances may be projected for a term of 50 years. In some embodiments, the account balance projection term may be received from GUI computer system 114, where database 120 stores a financial goal (e.g., retirement date, savings goal). For example, return calculation module 204 may project annual account balances until a projected retirement date based on the expected return matrix.
In the example embodiment, investment income module 206 determines a spending rate based on projected account balances generated by return calculation module 204. The spending rate may define monthly investment income during retirement. For example, investment income module 206 may determine an account valued at $130,000 will generate $3,200 in estimated monthly retirement income. Investment income module 206 searches through spending rates to find a desired spending rate. In other words, investment income module 206 may calculate the effect of various spending rates, and select a spending rate such that the account balance is not exhausted during a time period such as a period of retirement or disability. Additionally, investment income module 206 may generate adjusted spending rates using the expected return matrix (e.g., standard deviation data) generated by return calculation module 204. Investment income module 206 may generate multiple spending rates associated with above and below average performance, as defined by the standard deviation data.
In some embodiments, investment income module 206 determines a projected life expectancy of user 102. For example, investment income module 206 may determine an expected retirement term. In combination with user profile data (e.g., demographic data, retirement data), investment income module 206 may project the number of years in which retirement investment income may be needed. In some examples, investment income module 206 may utilize mortality weighting to estimate life expectancy of user 102. In other examples, investment income module 206 may estimate life expectancies based on demographic data such as health states, age, and sex of users. As another example, investment income module 206 may determine an expected disability term (e.g. a number of years where investment income is needed to offset disability support expenses).
Contributions module 208 is configured to adjust account balances generated by return calculation module 204 based on planned asset contribution data. For example, a portion of salary income of user 102 may be contributed to the account until retirement (e.g. on a monthly basis), which may also be supplemented by an employer (e.g. as a percentage matching contribution up to a predetermined limit). As another example, a specific dollar amount may be contributed on an annual basis (e.g. by user 102 or by user 102's employer).
For salary contributions, contributions module 208 adjusts the projected account balances generated by return calculation module 204. More specifically, each annual account balance projection is increased by the corresponding projected salary contribution. Further, subsequent years salary contributions may be adjusted based on projected salary growth. For example, contributions module 208 may identify an initial account balance of $100,000 and an initial salary of $50,000, and may determine that a 5% contribution in the first year results in a year-end account balance of $102,500. In the subsequent year, contributions module 208 projects may project that the salary of user 102 will grow to $55,000, and, as such, the subsequent year's contribution will be $2,750.
To project salary growth, contributions module 208 receives salary and employment data (e.g., job title, profession, career field, employer identifier) from GUI computer system 114 and estimates a salary growth rate based on the employment data. For example, contributions module 208 may determine a salary growth rate of 5% for an accountant, and a salary growth rate of 4% for an engineer.
Contributions module 208 may further calculate an employer contribution. Certain employers may match employee contributions or may provide a predetermined amount, such as a fixed amount or a fixed percentage of user 102's salary. Contributions may be matched at varying rates, and may be limited by the employer. Contributions module 208 may receive employer contribution data (e.g. a match rate and a match limit) and adjust salary contributions based on the employer contribution data. Salary contributions may be adjusted by both projected salary growth and employer matching. For example, an employer may match 50% of an employee's contributions, up to a limit of $10,000 or 10% of the employee's salary, whichever is lower. For a salary of $50,000, and an employee contribution rate of 5%, the employer may match $1,250. As another example, with a salary of $200,000 and an employee contribution of 10%, the employer may match $10,000. As such, the employer may represent an example financial data source 116.
Additionally, contributions module 208 is configured to determine the post-tax amount of contributions, where applicable. Contributions module 208 may identify an effective tax rate (e.g. based on the salary data) and project a net contribution. For example, $2,500 may be contributed to a taxable account. Contributions module 208 determines the effective tax rate for the user is 15%, and adjusts the account balance by $2,125.
Contributions module 208 is further configured to compare calculated contributions to account-specific limits. Certain accounts may have pre-tax or post-tax contribution restrictions. For example, post-tax retirement accounts may be limited to $18,000 of contributions per year. GUI computer system 114 determines when contributions are projected to exceed the limit, and may cap the contribution amount based on the limit. In some embodiments, GUI computer system 114 alerts user 102, via GUI 301, that a contribution limit has been or will be reached. In other embodiments, GUI computer system 114 reallocates the contributions between restricted accounts (e.g., post-tax retirement account) and other accounts (e.g., health savings account, taxed account).
Contributions module 208 may also adjust projected account balances based on dollar amount contributions. For example, user 102 may contribute exactly $5,000 annually (e.g. in lieu of or in addition to any salary-based contributions). Contributions module 208 may account for direct contributions in addition to projected salary contributions.
Benefits module 210 is configured to consider the value of various benefit plans (e.g., social security payments, pension plans, insurance plans) based on information received from GUI computer system 114. For example, investment income and social security income may be available to user 102 during retirement. Further, user 102 may have specialized pension plans (e.g., defined benefit plans, defined contribution plans) or annuities.
GUI computer system 114 is configured to project social security income. In the example embodiment, social security income is projected by retrieving a social security benefit model from database 120, and user profile data (e.g., salary data, retirement data) from database 120. In some embodiments, GUI computer system 114 may adjust social security based on spousal social security income. More specifically, GUI computer system 114 may retrieve the user profile of a spouse, and determine if social security income should be projected based on a spousal benefit, or the combination of individual earnings-based benefits. In other words, benefits module 210 may receive a spouse profile (e.g., salary data, citizenship data, and retirement data) and determine if the 50% spousal benefit should be claimed instead of the earnings-based spousal benefit.
Benefits module 210 is further configured to project the income generated by pension plans, defined benefit plans, defined contribution plans, insurance policies, and annuities. In some embodiments, benefits module 210 receives user-input benefit data, such as start years, end years, and amounts. Additionally, benefits module 210 may retrieve income data associated with a user-input benefit from one of financial data sources 116. For example, benefits module 210 may query the provider of an employer pension plan to determine a projected pension income. Similarly, benefits module 210 may project the cash flow of insurance policies and annuities. In certain embodiments, benefits module 210 may be further configured to adjust benefit income based on projected inflation. More specifically, benefits module 210 may apply an inflation rate to a benefit value.
Replacement income module 212 is configured to receive a replacement income amount based on user profile data (e.g., income data, income projection data). Replacement income module 212 is configured to estimate expenses in retirement, also known as retirement need. In the example embodiment, retirement need is calculated as a percentage of the projected salary at the time of retirement. In some embodiments, retirement need growth is projected based on inflation. For example, after the initial retirement need is calculated, the amount may grow by a projected inflation rate for each year of retirement. In other embodiments, retirement need growth is projected based on an age-dependent growth factor determined by replacement income module 212. For example, expenses may grow more rapidly based on age due to healthcare costs.
In certain embodiments, replacement income module 212 may adjust retirement need based on the life expectancy of the user, and a spouse of the user. The retirement need may decrease after the life expectancy of one household member. For example, the retirement need in years after the life expectancy of a household member may be decreased by a retirement need discount factor. More specifically, replacement income module 212 may retrieve age and life expectancy data from GUI computer system 114, and determine the number of years with a reduced household.
Users may have multiple accounts (e.g., Taxable Accounts, Post-Tax Accounts, Pre-Tax Accounts), and withdrawals from these accounts may have specific tax implications. Distributions module 214 is configured to determine when there is a net income need, and make distributions from specific accounts based on tax and/or penalty factors. Distributions module 214 calculates net income need by subtracting retirement need from the combination of investment income and benefits (e.g., social security).
Distributions module 214 is configured to determine an account ordering. For each account, distributions module 214 is configured to determine if a withdrawal penalty applies (e.g., an early withdrawal penalty) and/or a tax penalty. In some embodiments, distributions module 214 may evaluate specialized accounts, such as health savings accounts. Accounts without an early withdrawal and/or tax penalty may be ordered before other accounts. For example, an account comprised of post-tax contributions may be ordered before an account where taxes are calculated on distributions. For accounts of comparable tax/penalty status, older accounts may be ranked before younger accounts.
Distributions are calculated in response to net income need from accounts, starting from the account with the lowest tax/penalty ranking, until the net income need is met. For example, given a net income need of $500 after considering social security, the $500 may be withdrawn from a post-tax account that does not have an early withdrawal penalty.
In some embodiments, user profile data may include information about the user such as, for example, birth date, gender, salary, state of residence, current employee savings rate, plan match, profit sharing, retirement age, pension information, social security information (e.g., estimated social security amount, start age), balance information and current fund holdings, and loan information.
In the exemplary embodiment, for at least some of the data entry/edit fields of GUI 301 discussed herein, GUI computer system 114 is configured to validate the information entered by a user. For example, the data entry/edit fields are configured to check user entries against minimum/maximum amounts or unaccepted characters. If information entered in the fields fails validation, GUI 301 is configured to display a red visual text to notify the user that the information entered has failed validation, and thus the information must be corrected in order to enable GUI computer system 114 to store the information.
In the exemplary embodiment, GUI computer system 114 receives a request from a user computer device, such as user computing device 112. GUI computer system 114 is configured to cause to be displayed disclosure page 302 to the user computing device 112. Disclosure page 302 displays disclaimer information and allows the user to continue to an introductory page 304.
Introductory page 304 is configured as an introductory page that displays basic data about the user's retirement accounts. Introductory page 304 allows the user to select an option to learn more about the levels of service available from the financial planning system associated with GUI computer system 114. Introductory page 304 also allows the user to select an option to enroll for enhanced services in the financial planning program. In one embodiment, the user selects the option to learn more about the financial planning system, and GUI 301 causes to be displayed an “about” page 308. In another embodiment, the user selects the option to enroll in the enhanced services, and GUI computer system 114 causes to be displayed a registration page 310.
About page 308 displays information about the financial planning system and also allows the user to access registration page 310.
Registration page 310 allows the user to register for the enhanced services. Registration page 310 captures demographic and salary data from the user and displays a summary of fees for utilizing the enhanced services. Registration page 310 also allows the user to agree to enroll in the enhanced services, in which case GUI 301 causes a registration confirmation page 312 to be displayed on the user computing device 112.
Registration confirmation page 312 displays a notice to the user confirming the success of registering for the enhanced services, as well as a current list of allocations associated with the user. Registration confirmation page 312 also allows the user to access the retirement dashboard, in which case planning engine 150 causes to be displayed dashboard page 314. Further, after the user agrees to enroll in the enhanced services through registration page 110, a request to return to the home page will cause to be displayed home page 334. Home page 334 displays financial goals and projections associated with the user, based on user profile data and account data received from the user.
Home page 334 is configured to display a homepage associated with the user. The homepage displays financial goals and projections associated with the user, based on user profile data and account data received from the user. Home page 334 maintains an appearance and feel similar to introductory page 304. For example, Home page 334 and introductory page 304 each include financial projections generated by the projection and optimization modules 152 of the at least one planning engine 150 based on a first set of data fields in the user profile data. For example, Home page 334 and introductory page 304 each display a graphic which represents that percentage of a savings goal that a user has achieved. Further, Home page 334 and introductory page 304 each allow the user to select the aforementioned graphic, which causes to be displayed a goals quick view page 336. Goals quick view page 336 displays more detailed information about a user's retirement goals, and allows the user to update certain pieces of information. This functionality is available to both users who receive the first, basic level of functionality of GUI 301 and the at least one planning engine 150, and users who have enrolled in the second, enhanced level of functionality of GUI 301 and the at least one planning engine 150.
Home page 334 has some differences from introductory page 304, relating to enhanced services. For example, Home page 334 allows the user to select a link to the “dashboard”, which causes to be displayed Dashboard page 314. As used herein, the term “link” may be used to refer to a hyperlink, a button, or other such virtual component that allows a user to interact with GUI 301 to access (e.g., “link to”) additional or different content. Moreover, in some embodiments, Home page 334 allows the user to add information to database 120 regarding members of the user's household, which functionality is not available from introductory page 304.
Dashboard page 314 allows the user to navigate among a plurality of modules associated with the enhanced services that allow a user to manage different aspects of the user's financial planning. Dashboard page 314 allows the user to select at least one of an about me page 316, an investments page 326, an income planning page 328, a savings page 330, an opportunities page 332, an un-enroll page 334, an activity summary page 336, and a my goal page 338. In response to receiving a selection of a given page, GUI 301 causes to be displayed the corresponding page on the user computing device 112. These pages enable the user to input or edit different aspects of user profile data, corresponding to values in respective database fields of the user profile in database 120, subject to constraints and validations applied by GUI computer system 114.
About me page 316 allows the user to access a my family page 318, an assets page 320, an income in retirement page 322, and a savings goals page 324. A user selection of a given page causes GUI 301 to cause to be displayed the corresponding page to the user computing device 112.
My family page 318 generally captures personal user profile data (e.g. demographic data, spouse and dependents data, and salary data) from the user. In some embodiments, my family page 318 directs the user through a number of data input pages which are configured to request and capture user profile data from the user. When a user completes the data entry requests, my family page 318 automatically directs the user to assets page 320. Assets page 320 captures asset data (e.g. asset identifiers and asset compositions) for outside accounts and other long-term assets from the user and allows the user to access income in retirement page 322.
Income in retirement page 322 allows the user to input data about sources of income the user expects to receive in retirement. Income in retirement page 322 captures data (e.g. income data and benefit data) from the user and allows the user to select which member of the family is associated with the captured data. When a user completes the data entry requests, income in retirement page 322 directs the user to savings goals page 324.
Savings goals page 324 allows the user to input data about the user's savings goals. For example, the user may input data regarding a child's wedding that the user expects to have to pay for during retirement. Savings goals page 324 captures user profile data (e.g. financial needs to be met in retirement, apart from the steady state) from the user and allows the user to select which member of the family is associated with the captured data. When a user completes the data entry requests, savings goals page 324 directs the user back to about me page 316.
Investments page 326 displays an overview of financial projections associated with a user's portfolio, wherein the financial projections are based on user profile data. Investments page 326 also allows the user to select between a plurality of data displays. For example, investments page 326 allows the user to select at least one of an equities/bonds display, an asset class display, and a funds display. Investments page 326 also captures user account preferences (e.g. risk preference data).
Income planning page 328 displays information related to a user's draw from the financial account, and from outside accounts and other benefits, during retirement. For example, income planning page 328 displays a graphical projection of whether the user will achieve financial goals based on user profile data and account data. Income planning page 328 is configured to display an alert if an output from planning engine 150 indicates that the user is projected to fall short of financial goals. Income planning page 328 also allows the user to model alternative plans by entering alternative user profile data, such as modified financial goals and retirement dates.
Savings page 330 allows the user to view different contribution rate amounts and types, and select between the contribution rate amounts and types. Savings page 330 displays a recommended contribution rate based on user profile data and account data and captures contribution data based on a user selection of a given contribution rate.
Opportunities page 332 allows the user to respond to recommendations generated by system 100. Un-enroll page 334 allows a registered user to un-register from the enhanced services, for example to revert to basic services. Activity summary page 336 allows the user to review recent transactions.
My goal page 338 allows the user to set retirement goals. My goal page 338 captures user profile data such as financial goal data and desired retirement age. My goal page 338 also displays a household income goal based on the financial goal data for different members of a household.
Introductory page 400 is configured to transmit values from the user profile for the first set of data fields to planning engine 150, and to display financial projections generated by planning engine 150 using the user's values from the first set of data fields. In some embodiments, introductory page 400 is configured to call a single planning engine 150 for basic financial projections, regardless of whether the user is registered for basic services or enhanced services. This facilitates protecting a user who is newly registered for enhanced services from seeing significant numerical changes or formatting changes upon logging in, thereby increasing an initial user satisfaction with the enhanced services and increasing an adoption and retention rate for the enhanced services. For example, in some embodiments, the planning engine 150 includes multiple planning engines each supporting a different level of services for the financial account, and introductory page 400 is configured to call a first planning engine 150 for basic financial projections, regardless of whether the user is registered for basic services or enhanced services. Alternatively, the at least one planning engine 150 is a single planning engine 150.
Introductory page 400 is configured to display total account balance 404 and benefits plan 406 for the user's financial account. Introductory page 400 is also configured to display goal summary 402 and estimated income 416 to both base-level and enhanced-level users based on financial projections generated by planning engine 150. Specifically, planning engine 150 generates estimated retirement income 416 based on user profile data and account data, and generates goal summary (or “comparison”) 402 based on a comparison of estimated income 416 to a user goal for retirement, as derived from database 120 from user profile data (e.g. an estimated monthly income goal, an estimated retirement goal). The goal summary 402 is configured to appear in substantially identical format and substantially identical location on introductory page 400 for both base-level and enhanced-level users, as shown in
Planning engine 150 is further configured to generate income components 408, 410, and 412 based on user profile data and account data. In the exemplary embodiment, income component 408 represents income generated from a savings account, a component of investment income which is calculated by investment income module 206 (shown in
Introductory page 400 is further configured to capture user profile data and account data through interactive sliders 424 and 426, and store the captured data to database 120. In an alternative embodiment, introductory page 400 is configured to capture data using any suitable graphical control and/or to display any number of interactive sliders. In the exemplary embodiment, interactive sliders 424 and 426 allow the user to input contribution data and retirement age data respectively. In alternative embodiments, interactive sliders 424 and 426 capture other types of user profile data and/or account data. In some embodiments, interactive sliders 424 and 426 are configured to “snap” to certain intermediated pre-determined values which are generated by GUI 301. In some embodiments, introductory page 400 displays recommended values and/or starting points for interactive sliders 424 and 426.
Introductory page 400 is further configured to display current slider values 420 and 422, which are configured to display numeric values related to the data captured by interactive sliders 424 and 426 respectively. In some embodiments, slider values 420 and 422 display the numeric value selected by interactive sliders 424 and 426 respectively. In other embodiments, slider values 420 and 422 display a value generated by planning engine 150 based on at least the input captured from interactive sliders 424 and 426. Introductory page 400 is further configured to display company match tracker 432, which is generated by GUI 301 based on account data such as benefits data and contribution data.
Introductory page 400 is configured to receive user input requesting more information about the financial planning system through a “learn more” link 436. Learn more link 436 causes to be displayed an informational page such as informational page 800 (shown in
If the user is a base-level user, introductory page 400 is configured to receive user input requesting enrollment in enhanced services by displaying an enrollment request 430 to the base-level user. Enrollment request 430 may be similar to “Do It For Me” link 860 (shown in
Just as in introductory page 400 in
GUI 301 is again configured to generate income components 508, 510, and 512 based on user profile data and account data, identical to income components 408, 410, 412, and an other-assets component 518 based on other assets entered into database 120 by the user (not shown in
Homepage 500 is likewise configured to capture user profile data and account data through interactive sliders 526 and 528, and to display current slider values 522 and 524 and company match tracker 534, identical to those displays as shown in
As noted above, in contrast to introductory page 400 as it appears to base-level users, Homepage 500 is configured to receive user input for enhanced-level users requesting access to a dashboard through dashboard request 532. Dashboard request 532 causes to be displayed a dashboard, such as dashboard 1100 (shown in
Display 600 is configured to display a goal summary 602, which is substantially similar to goal summaries 402 and 502. In some embodiments, goal summary 602 is configured to update goal summary 602 based on captured user input. Display 600 is further configured to display tabs for family members 604 and 606. GUI 301 causes to be displayed family member tabs 604 and 606 that enable editing of corresponding user profile data in database 120, which also can be initiated from dashboard 1100 (shown in
Display 600 is configured to display income goal 608, which is generated by GUI computer system 114 based on financial goals captured from the user, who is associated with the first tab 604. Display 600 is further configured to capture current income data 610, additional compensation data 612, date of birth 614, retirement income amount data 616, income format data 618, and income period data 620 with respect to family member tab 604 (i.e., the user). For example, retirement income amount data 616 is expressed in a format 618 of a percent of pre-retirement income. In the exemplary embodiment, the current income 610 and additional compensation 612 are summed and multiplied by the retirement income amount data 616. Income goal 608 is calculated based on income period data 620 applied to the sum of current income 610 and compensation 612, as modified by retirement income amount 616.
In some embodiments, income format data 618 captured through display 600 causes display 600 to alter the input options for income amount data 616. For example, a user may select “$” for input retirement format data 618, in which case display 600 may allow the user to input income amount data 616 as a dollar amount. In another example, a user may select “%” for income format data 618, in which case display 600 may allow the user to input income retirement amount data 616 as a percentage of current income 610.
Display 600 is also configured to receive a user request to save any updated inputs through a save request 622. Save request 622 causes planning display 600 to store any data input by a user in database 120. Save request 622 also causes to be displayed an updated underlying page, such as introductory page 400 (shown in
When second family member tab 606 is selected, display 700 is also still configured to receive a user request to save any updated inputs through save request 622 or discard changes via cancel request 624.
In the exemplary embodiment, informational sub-page 820 is configured to display a system overview 822, which describes some aspects of the financial planning system relevant to a potential consumer or user. Informational sub-page 820 is also configured to display a video overview link 824, which is configured to display a video further describing the financial planning system. Informational sub-page 820 is also configured allow the user to proceed to a registration page, such as registration page 210 (shown in
In alternative embodiments, informational sub-page 820 is generated and transmitted by planning engine 150 as part of informational page 800, directly upon reception of user input requesting more information, such as learn more link 436 (depicted in
In the example embodiment, the informational page 850 also allows the base-level user to enroll in (e.g., register for) the enhanced level of services by providing an instance of enrollment link 830 in a “Do It For Me” section 860. The enhanced service level allows enhanced-level users access to additional plan management functionality provided by or through the at least one planning engine 150.
Registration page 900 is configured to confirm or update existing data, such as data stored in a first set of data fields in database 120 associated with the basic level of service for the user, through registration input fields 902. In the exemplary embodiment, registration page 900 confirms demographic data such as first name 904, last name 906, birthdate 908, state of residence 910, and gender 912. Registration page 900 is further configured to confirm contact data such as phone number 916 and email address 918. Registration page 900 is also configured to confirm income data 914. Registration page 900 is configured to store any updated data in database 120.
Registration page 900 is further configured to display fee table 920. Fee table 920 is generated and transmitted by planning engine 150. In the exemplary embodiment, fee table 920 displays values for amounts of assets under management and associated annual rates for managing the amounts of assets. GUI 301 is configured to retrieve fee structure data, such as amounts of assets under management and associated annual rates, from a database such as database 120 (shown in
Registration page 900 is also configured to receive an enrollment agreement request for the enhanced services through enrollment confirmation link 922. Enrollment confirmation link 922 receives a user request and causes to be displayed a registration confirmation page such as registration confirmation page 212 (shown in
GUI 301 is configured to call the at least one planning engine 150 to generate and transmit initial asset allocations 1004 upon receiving an enrollment agreement request, such as through enrollment confirmation link 922 (shown in
Enrollment confirmation page 1000 is configured to display additional information 1006, which includes more information about the enhanced services, steps for moving forward with the enhanced services, and/or any other information that may be useful to a newly registered user.
Enrollment confirmation page 1000 is also configured to allow the user to proceed to a dashboard page, such as Dashboard page 214 (shown in
Savings link 1106 is, in the example embodiment, adjacent to savings indicator 1116, which visualizes a retirement goal. For example, where investment income module 164 determines that a retirement goal (or any other financial goal) will not be met, savings indicator 1116 may display as red. Activity indicator 1120 is adjacent to activity summary link 1110, and displays a total number of instances of recent user activity. Opportunities indicator 1122 is adjacent to opportunities link 1114, and displays a total number of opportunity recommendations available to user 102. About me indicator 1118 is adjacent to about me link 1108, and may display a number of alerts. For example, a total number of profile alerts may be displayed in the indicator. Additionally, a number of priority alerts 1128 may also be displayed in a contrast color, such as red. Opportunity area 1126 displays a message recommending an identified candidate modification to the user profile data in database 120, and an associated jump link to a page of GUI 301 enabling user 102 to execute the identified candidate modification.
Dashboard page 1100 also includes an estimated income widget 1130 that displays a comparison of another estimated retirement income amount generated by the at least one planning engine 150 to a user goal for retirement, as derived from database 120 from user profile data (e.g. an estimated monthly income goal). The estimated income amount included in estimated income widget 1130 differs from the estimated income included in goal summary 402 (shown in
In the example embodiment, estimated income widget 1130 also displays a progress indicator 1132 that indicates progress to the user goal. For example, in
Dashboard 1100 is also configured to display, in an opportunity area 1126, one or more opportunities for a participant in response to GUI computer system 114 determining that at least one opportunity exists for improving a performance of the participant's account. For example, GUI computer system 114 identifies opportunities for display in opportunity area 1126 using an opportunity rules engine to analyze the user profile in database 120. In the example embodiment, opportunity area 1126 displays a message associated with a first identified opportunity, and an opportunity indicator 1122 displayed on dashboard 1100 displays a total number of opportunities identified by GUI computer system 114.
About me update link 1208 facilitates user 102 submitting salary data, demographic data (e.g., age, birthdate), and spouse information. Family information link 1210 facilitates user 102 submitting dependent data, as shown in
Financial information 1204 includes social security link 1212, assets link 1214, and income in retirement link 1216. Financial information 1204 may include preview data, such as estimated social security benefits and indicators of benefit plans. Retirement expenditures information 1206 includes savings goals link 1218, such that user 102 may define a savings goal to meet a discrete, one-time expense expected to arise during retirement, such as a child's wedding or a particular vacation plan. Financial information 1204 includes social security link 1212, assets link 1214, and income in retirement link 1216. Financial information 1204 may include preview data, such as estimated social security benefits and indicators of benefit plans. Social security link 1212 causes to be displayed social security page 4600 (shown in
Spouse detail region 1400 is configured to capture spouse data from user 102. In the example embodiment, in response to user 102 indicating that he or/she has a partner using selector 1302, and spouse detail region 1400 prompts user 102 for additional spouse data, such as first name 1404, birthdate 1406, gender 1408, salary 1412, desired retirement age (e.g., retirement goal) 1414, and income replacement 1416. Spouse data captured by spouse detail region 1400 may be used by replacement income module 212 and benefits module 210 to calculate income needed in retirement and/or spouse-based social security benefits.
Spousal status page 1300 is configured to facilitate the transmission of spouse data through continuation request 1420. Continuation request 1420 is also configured to facilitate access to another page, such as dependent status page 1500 (shown in
Dependent detail region 1600 is configured to capture dependent data from user 102, such as the name and age of any dependents. In the example embodiment, two dependents are reported, with ages 12 and 7. Dependent detail region 1600 includes first name fields 1604, and adjacent birthdate fields 1606, for a number of potential dependents. Fields for additional dependents may be added with link 1612. Dependent data is transmitted to server computing device 114 in response to save link 1614 being selected. Alternatively, changes may be discarded using back link 1616.
After selecting add now link 1704, user 102 is directed to an add asset page 5000, a first embodiment of which is shown in
Supplemental income detail page 1900 is configured to facilitate the transmission of supplemental income data through save preferences button 1920. Save preferences button 1920 is also configured to facilitate access to another page, such as supplemental income page 1800 (shown in
Supplemental income summary region 2000 is also configured to allow the user to add more sources of supplemental income through add income request 2008. In some embodiments, add income request 2008 is configured to bring the user to supplemental income detail page 1900 (shown in
Savings goals summary page 2200 is also configured to allow the user to add more savings goals through add a goal request 2210. In some embodiments, add a goal request 2210 is configured to bring the user to savings goals page 2100 (shown in
In the example embodiment, each of About me page 1200, retirement summary page 2000, and savings goals summary page 2200 includes estimated income widget 1130, as discussed above. Thus, on each of these pages, the user is provided with an immediate, dynamically updated summary of the impact of each update to database fields related to personal profile information 1202, financial information 1204, and retirement expenditures information 1206, without requiring the user to navigate back to dashboard page 1100 or a different account summary page.
In some embodiments, bond and equity composition 2304 is determined by return calculations module 204 (shown in
Investments page 2300 is also configured to allow the user to select from a number of ways to display financial information. Specifically, investments page 2300 includes display options 2308, 2310, and 2312. In the exemplary embodiment, display option 2308 is configured to display bond and equity composition 2304 through investments page 2300, as shown in
Investments page 2300 is also configured to display a stability graph section illustrating a stability of the selected investment strategy over time in a “glide path” 2314, which displays a graphical representation of asset allocation (e.g., ordinate or Y-axis, in units of risk level) over time (e.g., abscissa or X-axis, in units of time). Optimized allocation strategy 2316 represents the optimal asset allocation over time. Glide path 2314 shows how the asset allocation of their enrolled accounts will be allocated to fixed income from the current year until life expectancy, illustrating investment strategy stability over time for the recommended investment strategy. In some embodiments, glide path 2314 may be modified with an override risk level (e.g., as shown and described below with respect to
Investments page 2300 is further configured to facilitate user 102 viewing alternative financial information through detail selection 2302. Detail selection 2302 allows the user to select between different options for the type of information displayed on investments page 2300. Investments page 2300 is also configured to facilitate user configuration of settings through constraints option 2318. Constraints option 2318 is configured transmit to another web page, such as investment constraints page 2600 (shown in
Investment page 2300 is also configured to enable user 102 to select, for example, composition display 2306, such as by hovering a pointer over composition display 2306, to view an investment type and corresponding percentage of the total investments depicted in composition display 206. For example, user 102 may hover over composition display 2306, such as a pie chart, where the color of the region being hovered enhances and/or changes, and a percentage and type of investment of the region being hovered are displayed.
In an alternative embodiment, strategy selection options 2706 are investment strategies based on a percentage of a user's profile which is invested in a particular asset class or fund. For example, a “very aggressive” strategy may indicate a preference for 50% of the portfolio to be placed in tech stocks. In another example, a “moderate” strategy may indicate a preference for 50% of the portfolio to be spread out evenly among a variety of funds.
Constraints page 2600 is configured to facilitate the transmission of investment strategy preference through save preferences button 2606. Save preferences button 2606 is also configured to facilitate access to another webpage, such as strategy change summary 2800 (shown in
Strategy change summary page 2800 is configured to display a previous strategy indicator 2802 and a current strategy indicator 2804, which are updated based on changes to the investment strategy selected by user 102. Strategy change summary page 2800 is further configured to display change confirmation 2806. Change confirmation 2806 includes confirmation information which may be helpful for facilitating documentation of the change of strategy. In the example embodiment, change confirmation 2806 includes a date and time, a confirmation number, and an affected plan.
Strategy change summary 2800 is also configured to facilitate access to another webpage, such as update 2900 to investments page 2200, through continue request 2808.
The update is configured to display additional information in glide path 2314, which displays a graphical representation of asset allocation over time as described above. More specifically, manual allocation strategy 2918 graphically represents the user defined investment strategy, based on captured asset strategy preference data, and is overlaid on optimized allocation strategy 2316, which represents the optimal asset allocation strategy over time, as described above. Thus, the update enables the user to graphically compare the manually selected option 2706 to the optimized allocation strategy 2316 calculated by planning engine 150. In the example embodiment, the update causes optimal allocation strategy 2316 to appear as a dashed or muted line to indicate it is no longer the active strategy.
The update also causes to be displayed a strategy alert 2920 on investments page 2300 in response to the user-selected investment strategy. In the example embodiment, GUI 301 causes to be displayed alert 2920 upon reception of a strategy selection option 2706 captured from user 102. Specifically, when user 102 elects to manually choose a strategy selection option 2706, strategy alert 2920 is displayed. Strategy alert 2920 provides a link to re-access investment strategy settings, which may include re-transmitting constraints page 2600 (shown in
Retirement summary page 3000 includes a current plan tab 3002 and a plan model tab 3004. In
A projected retirement income graph 3010 is generated by advisory rules engine 202, using investment income module 206 and benefits module 210. Guaranteed income 3028 (e.g., annuities, social security, defined-benefit pensions) and variable income 3022 (e.g., investment income) are generated and displayed for each year of retirement in a two-color bar graph. In some embodiments, retirement income graph 3010 may further include retirement income goal 3024 and average projected annual income 3026. In the example embodiment, income goal 3024 is generated based on replacement income module 212. For example, income goal 3024 may be projected based on a portion of salary income at retirement. Average projected annual income 3026 (e.g., achievable income) defines an average expected investment income (e.g., average yearly income throughout the life expectancy of the user, from an optimal spend-down strategy based on the income factors of the user).
A current plan tab 3002 of retirement summary page 3000 also includes income factor information 3012 for user 102 and, in some embodiments, the spouse/partner of user 102. Replacement income percentages 3014 define a percentage of the projected salary at retirement needed for expenses in retirement. In the example embodiment, 100% of the salaries of user 102 and user 102's spouse are projected to be needed in retirement. Benefit age 3018 defines a projected age when user 102 and user 102's spouse begin receiving retirement benefits, such as a pension or social security. Similarly, retirement age 3016 defines a desired retirement age for user 102 and user 102's spouse. Additionally, estimated life expectancy 3020 defines a final year for which retirement income will be needed, and a number of years where partial retirement income may be needed, based on a reduced household.
Projected retirement income graph 3010 is configured such that user 102 may select any year to view additional retirement income detail, such as the benefit and/or investment income for each year. In the example embodiment shown in
After user 102 selects a retirement year 3112 from projected retirement income graph 3010, income detail region 3100 is generated by GUI 301. Income detail region 3100 includes year identifier 3104, variable income (e.g., investment income) 3126, guaranteed income 3128 (e.g., benefit income), and projected year income 3122. In the example embodiment, projected 401(k) and social security income are aggregated to calculate a projected annual income at age 70. In the absence of a selection, the retirement year 3112 is set to a default year.
User 102 may also customize the market prediction used to generate values on retirement summary page 3000. For example, user 102 may expect above or below average market growth. Market performance selector 3006 is configured to cause planning engine 150 to regenerate retirement income graph 3410 based on the customized market performance prediction selected by the user. More specifically, market performance selector 3006 may adjust the return rates used by return calculation module 204. For example, user 102 may select poor market performance from market performance selector 3006 to evaluate their ability to retire in poor market conditions. As another example, user 102 may select excellent market performance from market performance selector 3006 to determine if above-average market performance would allow them to meet their retirement goals.
In some embodiments, retirement summary page 3000 including both current plan tab 3002 and plan model tab 3004, with identical formats for projected retirement income graph 3010 and model retirement income graph 3410 and identical formats for income factor information 3012 and projected model income factor information 3412, facilitates GUI 301 providing improved functionality for each of comparison of multiple alternate account options to current account settings across a range of potential market conditions.
The plurality of contribution rate levels are dynamically generated and transmitted by planning engine 150 based on the user profile data in database 120. In some embodiments, contributions module 208 (shown in
Savings rate page 3500 is also configured to display an opportunities alert 3514, which is generated by planning engine 150 based on user profile data and account data, such as financial goals and contribution data. In some embodiments, opportunities alert 3514 is generated by contributions module 208. Savings rate page 3500 is also configured to facilitate the transmission of a desired contribution rate through continuation request 3516. Continuation request 3516 is also configured to facilitate user access to another webpage, such as savings type page 3700 (shown in
Savings type page 3700 is also configured to facilitate the transmission of contribution preferences and selected contribution account types through continuation request 3706. Continuation request 3706 is further configured to facilitate access to another webpage, such as contribution review page 3900. Alternatively, back button 3708 may be selected to discard changes.
Contribution review page 3900 is configured to display a requested change summary 3902, which contains indications for previous contribution preferences and updated contribution preferences, based on changes made by user 102. Contribution review page 3900 is further configured to display change detail 3904. Change detail 3904 includes information detailing the updated contribution preferences which will be applied to a given account.
Contribution review page 3900 is also configured to facilitate access to another webpage, such as contribution confirmation page 4000, through submit changes button 3906. Alternatively, the changes may be discarded using cancel button 3908.
Contribution confirmation page 4000 is configured to display confirmed change 4002, which contains indications for previous contribution preferences and updated contribution preferences, based on changes made by user 102. Contribution confirmation page 4000 is further configured to display confirmation summary 4004. In the exemplary embodiment, confirmation summary 4004 includes a confirmation number and an account which is affected by the changes to contribution preferences.
Contribution confirmation page 4000 is also configured to facilitate access to another webpage, such as savings goal page 4100, through continue request 4006.
Savings goal page 4100 is configured to display user goal 4102 and spouse goal 4112. User goal 4102 and spouse goal 4112 are generated by planning engine 150 based on user profile data and account data such as current income, such as user current income 4104 and spouse current income 4114, and retirement income goals, such as desired user retirement income amount 4108 and desired spouse retirement income amount 4118. In the exemplary embodiment, based on current incomes 4104 and 4114 and desired retirement income amounts 4108 and 4118, planning engine 150 calculates a monthly retirement income, displayed as user goal 4102 and spouse goal 4112. Savings goal page 4100 is also configured to accept user input defining retirement income format for the user and spouse via format inputs 4106 and 4116. In the example embodiment, format inputs 4106 and 4116 are set to “%”, such that the desired retirement income amounts 4108 and 4118 are entered as a percentage of respective current incomes 4104 and 4114. In an alternative embodiment, format inputs 4106 and 4116 are set to “$”, such that the desired retirement income amounts 4108 and 4118 are entered as an absolute dollar amount. Savings goal page 4100 is also configured to display a household income goal 4122, based on user goal 4102 and spouse goal 4112.
Savings goal page 4100 is configured to facilitate the transmission of updated savings goals by accepting user changes using an through update request 4124. Update request 4124 is also configured to facilitate access to another webpage, such as retirement dashboard 1100 (shown in
In some embodiments, the financial planning system provides online advice services to users. Users may register for online advice through an enrollment page (not shown) (e.g., via online advice link 812 of
In some embodiments, GUI computer system 114 identifies a 401(k) plan of the user and analyzes the plan data against the user's current profile in database 120 to identify any of four savings options 4202 that may be applicable for the user: (A) maintaining a current contribution rate; (B) maintaining a current savings rate but changing a current savings type (i.e., change investment type) (e.g., to Roth IRA), (C) maintaining a current savings type but changing a current savings rate to equal a company match rate (e.g., increase the current savings rate to “maximize” the user's benefit from the company match policy if the user is currently not taking advantage of company match rate), or (D) changing the current savings rate to reach a user goal. The GUI computer system 114 dynamically determines which of these options are relevant to the user, and causes to be displayed on savings rate page 4200 (or, alternatively, savings rate page 3500) the relevant savings options as options from which the user may select. For example, if the user's current savings type (i.e., pre-tax versus Roth contributions) is already optimal for the user's situation, the “change investment type” option is not displayed. For another example, if the user's contribution rate already meets or exceeds the company match rate, the “maximize company match” option is not displayed. For another example, if the user's contribution rate and type already enable the user's projected income in retirement to meet the user's goal, the “reach my goal” option is not displayed. The option for the user to manually enter a user-selected savings rate and type is also provided, and is presented as the final option in the dynamically generated list. The savings functionality allows participants to view their current savings strategy and view savings recommendations for all accounts that are enrolled in enhanced services.
One problem with conventional recommendation systems is the generation of too many recommendations that overwhelm the user, recommendations that are too complex for the user to grasp, or recommendations that result in changes that appear extreme to the user. The dynamic generation and display of relevant savings options on savings rate page 4200 provides the user with incremental, easily understood options for improving the user's income in retirement.
As discussed above with respect to dashboard 1100, in some embodiments, GUI computer system 114 includes an opportunity rules engine configured to analyze the profile data of the user and identify recommendations for the user based on the user profile data, and without calling the at least one planning engine 150 to directly evaluate the candidate modifications. In some embodiments, the opportunity rules engine operates on a predetermined ordered list of candidate modifications that have been proved to be incremental, easily accepted ways to improve users' ability to meet retirement goals. The opportunity rules engine is programmed to identify, based on the respective user profile and without calling the at least one planning engine 150 to directly evaluate the candidate modifications, one of the candidate modifications that is not considered to be an “extreme” change from the value currently in the user profile and is likely to benefit the user, and to display in opportunity area 1126 a message recommending the identified candidate modification, and an associated jump link to a page of GUI 301 enabling the respective user to execute the identified candidate modification. In some embodiments, by identifying and displaying only a single, incremental modification, GUI 301 increases a likelihood the that the user will consider and adopt the recommendation. Additionally or alternatively, by providing a jump-link directly to a page of GUI 301 that enables the user to execute the recommendation, GUI 301 further increases a likelihood the that the user will adopt the recommendation.
Examples that may be included in the ordered list of candidate modifications include changes to the savings rate and savings type of the user's contributions to the financial account (which may include options similar to the dynamically generated options listed above), as well as addition of profile data for fields which the user has not yet entered data (e.g., replacing null values for the user in the “other assets” or “family information” fields of database 120). It should be noted that whether or not the user is currently reaching the user's goal is known from an initial call to planning engine 150 to obtain the numbers needed for estimated income widget 1130, but the other potential candidate modifications to savings rate and type are evaluated by the opportunities rules engine without calling planning engine 150. The opportunity rules engine may identify the candidate from the ordered list by selecting a first candidate modification in the ordered list and determining whether the selected candidate modification has been implemented in the user profile. If the selected candidate modification has been implemented, the opportunity rules engine skips that candidate modification and selects the next candidate modification from the ordered list. In some embodiments, if the selected candidate modification has not been implemented, the opportunity rules engine identifies the candidate modification for display in the opportunity area 1126. In other embodiments, if the selected candidate modification has not been implemented, the opportunity rules engine compares the candidate modification to a current value of at least one associated data field in the user profile, and evaluates (e.g., based on a look-up table in database 120) whether the candidate modification would be classified as an “extreme” change relative to the current value. If the candidate modification is not extreme, the opportunity rules engine identifies the selected candidate modification for display. If the candidate modification is determined to qualify as “extreme,” the opportunity rules engine skips that candidate modification, selects the next candidate modification from the ordered list, and repeats the process.
For example, in the context of savings advice page 4200, the opportunity rules engine is configured to analyze the profile data of the user and identify one of the savings options as a savings recommendation 4210. The list of savings options may sorted into an ordered list of candidate modifications for the user based on the user profile data and without calling the planning engine 150. In the example embodiment, the savings recommendation 4210 is further identified on the savings advice page 4200 with a “RECOMMENDED” flag. In some embodiments, the savings recommendation 4210 may be presented on the dashboard 1100 in opportunity area 1126. When the user selects the opportunity area 1126 from the dashboard 1100, or in some cases a highlighted portion of the message displayed in opportunity area 1126, the opportunity area 1126 acts as a jump link, causing the savings advice page 4200 to be displayed to the user along with the savings recommendation 4210 flagged as shown in
As discussed above, in some embodiments, the user profile includes family information fields for the user (e.g., spousal data, dependents data) and the ordered list of candidate modifications includes replacing null values for the respective user in the family information field. Further, the opportunity rules engine may provide a jump link associated with the candidate modification that allows the user to bypass the user profile summary page and go directly to the family information fields to replace the family information fields.
In some embodiments, the ordered list of candidate modifications includes a sequence of candidate savings modifications including maintaining a current savings rate and changing a savings type, changing the current savings rate to equal a company match rate, and changing the current savings rate to meet the user goal. Each candidate modification may include a jump link that links to savings rate page 3500, allowing the user to change the savings rate directly. The savings rate page 3500 may include the opportunity area, wherein after activation of the jump link, the message is propagated to the opportunity area of the savings rate page 3500.
In some embodiments, the opportunity link 1114 causes the opportunity rules engine to execute an opportunities flow process.
In some embodiments, the planning engine 150 determines a projected retirement income based on a savings rate and an assumed savings type being tax-deferred. The planning engine 150 may re-determine the projected retirement income based on the savings rate and a non-tax-deferred savings type. The GUI 301 may include in the list of savings options 4202 a “change type” selector enabling the user to maintain the savings rate value and update the savings type to tax-deferred or non-tax-deferred in response to the savings type being the other of tax-deferred and non-tax-deferred. The planning engine 150 may further determine a goal-based savings rate and a goal-based savings type, where the goal-based savings rate and the goal-based savings type are determined based on a minimum savings rate that enables the respective user to meet the user's goal.
In some embodiments, the GUI 301 may include in the list of savings options 4202 a goal-based selector enabling the user to update the savings rate to a goal-based savings rate and the savings type to the goal-based savings type. In some embodiments, the GUI may compare the savings rate to a maximum company-match value associated with the financial plan and, in response to determining that the savings rate is less than the company-match value, include a company-match selector enabling the user to update the savings rate to the maximum company-match value. In some embodiments, the GUI 301 may include a user-choice selector in the list of savings options 4202 that enables the user to input a new value for the savings rate. In some embodiments, in response to receiving the updated savings rate, the planning engine 150 determines a projected updated retirement income based on the updated savings rate and the assumed savings type being non-tax-deferred and re-determines the projected updated retirement income based on the new savings rate and the assumed savings type being non-tax-deferred. In response to the savings type being one of tax-deferred or non-tax-deferred and the projected updated retirement income being higher for the assumed savings type being the other of tax-deferred and non-tax-deferred, the GUI 301 displays to the user a recommendation to update the savings type field to the other of the tax-deferred and non-tax-deferred type. In some embodiments, displaying the list of savings options 4202 (and associated selectors) includes displaying the savings options 4202 in a hierarchical order corresponding to a degree of change of the savings rate, and wherein the company-match selector appears after the change-type selector, the goal-based selector appears after the company-match selector, and the user-choice selector appears after the goal-based selector. In some embodiments, the savings options 4202 include a no-change selector that allows the user to maintain the current savings rate and savings type. The no-change selector may appear before the change-type selector. In some embodiments, displaying the list of savings options 4202 includes displaying the goal-based selector as a default selection. In some embodiments, the GUI 301 displays a review screen in response to the user selecting one of the savings options 4202. The review screen may include a submit-changes link operable to execute the selected updates in the user profile and a cancel-changes link operable to maintain the savings rate and savings type.
As will be appreciated based on the foregoing specification, the above-described embodiments of the disclosure may be implemented using computer programming or engineering techniques including computer software, firmware, hardware or any combination or subset thereof, wherein the technical effect is to provide virtualization and fraud security around fundraising and redemption in an online payment transaction environment. Any such resulting program, having computer-readable code means, may be embodied or provided within one or more computer-readable media, thereby making a computer program product, (i.e., an article of manufacture), according to the discussed embodiments of the disclosure. The computer-readable media may be, for example, but is not limited to, a fixed (hard) drive, diskette, optical disk, magnetic tape, semiconductor memory such as read-only memory (ROM), and/or any transmitting/receiving medium such as the Internet or other communication network or link. The article of manufacture containing the computer code may be made and/or used by executing the code directly from one medium, by copying the code from one medium to another medium, or by transmitting the code over a network.
These computer programs (also known as programs, software, software applications, “apps”, or code) include machine instructions for a programmable processor, and can be implemented in a high-level procedural and/or object-oriented programming language, and/or in assembly/machine language. As used herein, the terms “machine-readable medium” “computer-readable medium” refers to any computer program product, apparatus and/or device (e.g., magnetic discs, optical disks, memory, Programmable Logic Devices (PLDs)) used to provide machine instructions and/or data to a programmable processor, including a machine-readable medium that receives machine instructions as a machine-readable signal. The “machine-readable medium” and “computer-readable medium,” however, do not include transitory signals. The term “machine-readable signal” refers to any signal used to provide machine instructions and/or data to a programmable processor.
This written description uses examples to disclose the disclosure, including the best mode, and also to enable any person skilled in the art to practice the disclosure, including making and using any devices or systems and performing any incorporated methods. The patentable scope of the disclosure is defined by the claims, and may include other examples that occur to those skilled in the art. Such other examples are intended to be within the scope of the claims if they have structural elements that do not differ from the literal language of the claims, or if they include equivalent structural elements with insubstantial differences from the literal language of the claims.
Claims
1. A graphical user interface (GUI) for a financial planning system, the financial planning system including at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user, the GUI comprising:
- a dashboard page comprising an estimated income widget, the estimated income widget including a comparison of an estimated retirement income amount to a user goal, wherein the GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles; and
- an opportunity rules engine programmed to identify, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications, wherein the dashboard page further comprises an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
2. The GUI according to claim 1, wherein the opportunity rules engine is further programmed to identify the candidate modification by performing the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (iv) if the selected candidate modification has not been implemented, identifying the selected candidate modification as the identified candidate modification.
3. The GUI according to claim 1, wherein:
- each of the user profiles includes family information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the family information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes a family information link operable to open a family information page, the family information page enabling editing of the family information fields; and
- the jump link associated with the candidate modification of replacing null values in the family information fields is to the family information page, thereby enabling the respective user to bypass the user profile summary page.
4. The GUI according to claim 1, wherein:
- each of the user profiles includes other-assets information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the other-assets information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes an other-assets link operable to open other-assets information page, the other-assets information page enabling editing of the other-assets information fields; and
- the jump link associated with the candidate modification of replacing null values in the other-assets information fields is to the other-assets information page, thereby enabling the respective user to bypass the user profile summary page.
5. The GUI according to claim 1, wherein:
- each of the user profiles includes savings rate and savings type information fields for the respective user, and the ordered list of candidate modifications includes a sequence of candidate savings modifications including (i) maintaining a current savings rate and changing a savings type, (ii) changing the current savings rate to equal a company match rate, and (iii) changing the current savings rate to meet the user goal;
- the dashboard page further comprises a savings link operable to open a savings page, and the savings page enables editing of the savings rate and savings type information fields;
- the jump link associated with each of the sequence of candidate savings modifications is to the savings page; and
- the savings page further includes the opportunity area, wherein after activation of the jump link associated with the sequence of candidate savings modifications, the message is propagated to the opportunity area of the savings page.
6. The GUI according to claim 1, wherein the opportunity rules engine is further programmed to generate the ordered list of candidate modifications based on values in the respective user profile for at least one of the user goal, an age of the respective user, a savings rate of the respective user, and a savings type of the respective user.
7. The GUI according to claim 1, wherein the dashboard page further comprises an opportunities link operable to open an opportunities page, wherein the opportunities page is programmed to call the opportunity rules engine to execute an opportunities flow process including the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii);
- (iv) if the selected candidate modification has not been implemented, displaying (a) the message recommending the identified candidate modification, (b) the associated jump link, and (c) a next-opportunity link;
- (v) in response to activation of the next-opportunity link, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (vi) in response to activation of the jump link, exiting the opportunities flow process.
8. A computer-implemented method for implementing a graphical user interface (GUI) for a financial planning system, the financial planning system including at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user, wherein the GUI comprises a dashboard page and an opportunity rules engine, and the method comprising:
- displaying, by the GUI, the dashboard page comprising an estimated income widget, the estimated income widget including a comparison of an estimated retirement income amount to a user goal, wherein the GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles; and
- identifying, by the GUI via the opportunity rules engine, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications, wherein the dashboard page further comprises an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
9. The computer-implemented method of claim 8, wherein identifying one of the ordered list of candidate modifications further comprises identifying the candidate modification by performing the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (iv) if the selected candidate modification has not been implemented, identifying the selected candidate modification as the identified candidate modification.
10. The computer-implemented method of claim 8, wherein:
- each of the user profiles includes family information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the family information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes a family information link operable to open a family information page, the family information page enabling editing of the family information fields; and
- the jump link associated with the candidate modification of replacing null values in the family information fields is to the family information page, thereby enabling the respective user to bypass the user profile summary page.
11. The computer-implemented method of claim 8, wherein:
- each of the user profiles includes other-assets information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the other-assets information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes an other-assets link operable to open other-assets information page, the other-assets information page enabling editing of the other-assets information fields; and
- the jump link associated with the candidate modification of replacing null values in the other-assets information fields is to the other-assets information page, thereby enabling the respective user to bypass the user profile summary page.
12. The computer-implemented method of claim 8, wherein:
- each of the user profiles includes savings rate and savings type information fields for the respective user, and the ordered list of candidate modifications includes a sequence of candidate savings modifications including (i) maintaining a current savings rate and changing a savings type, (ii) changing the current savings rate to equal a company match rate, and (iii) changing the current savings rate to meet the user goal;
- the dashboard page further comprises a savings link operable to open a savings page, and the savings page enables editing of the savings rate and savings type information fields;
- the jump link associated with each of the sequence of candidate savings modifications is to the savings page; and
- the savings page further includes the opportunity area, wherein after activation of the jump link associated with the sequence of candidate savings modifications, the message is propagated to the opportunity area of the savings page.
13. The computer-implemented method of claim 8, wherein identifying one of the ordered list of candidate modifications further comprises generating the ordered list of candidate modifications based on values in the respective user profile for at least one of the user goal, an age of the respective user, a savings rate of the respective user, and a savings type of the respective user.
14. The computer-implemented method of claim 8, wherein the dashboard page further comprises an opportunities link operable to open an opportunities page, wherein the opportunities page is programmed to call the opportunity rules engine to execute an opportunities flow process including the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii);
- (iv) if the selected candidate modification has not been implemented, displaying (a) the message recommending the identified candidate modification, (b) the associated jump link, and (c) a next-opportunity link;
- (v) in response to activation of the next-opportunity link, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (vi) in response to activation of the jump link, exiting the opportunities flow process.
15. At least one non-transitory computer-readable storage media that includes computer-executable instructions for implementing a graphical user interface (GUI) for a financial planning system, the financial planning system including at least one planning engine in communication with a database, the database storing user profiles for a plurality of users, each user registered for services with respect to a financial account of the respective user, the GUI generated by at least one processor, wherein when executed by the at least one processor, the computer-executable instructions cause the at least one processor to:
- display a dashboard page comprising an estimated income widget, the estimated income widget including a comparison of an estimated retirement income amount to a user goal, wherein the GUI is programmed to call the at least one planning engine to generate the comparison based on a respective one of the user profiles; and
- identify, via an opportunity rules engine, based on the respective user profile and without calling the at least one planning engine, one of an ordered list of candidate modifications, wherein the dashboard page further comprises an opportunity area including (i) a message recommending the identified candidate modification, and (ii) an associated jump link to a page of the GUI enabling the respective user to execute the identified candidate modification.
16. The at least one non-transitory computer-readable storage media of claim 15, wherein the computer-executable instructions further cause the at least one processor to identify one of the ordered list of candidate modifications by performing the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (iv) if the selected candidate modification has not been implemented, identifying the selected candidate modification as the identified candidate modification.
17. The at least one non-transitory computer-readable storage media of claim 15, wherein:
- each of the user profiles includes family information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the family information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes a family information link operable to open a family information page, the family information page enabling editing of the family information fields; and
- the jump link associated with the candidate modification of replacing null values in the family information fields is to the family information page, thereby enabling the respective user to bypass the user profile summary page.
18. The at least one non-transitory computer-readable storage media of claim 15, wherein:
- each of the user profiles includes other-assets information fields for the respective user, and the ordered list of candidate modifications includes replacing null values for the respective user in the other-assets information fields;
- the dashboard page further comprises a profile link operable to open a user profile summary page, and the user profile summary page includes an other-assets link operable to open other-assets information page, the other-assets information page enabling editing of the other-assets information fields; and
- the jump link associated with the candidate modification of replacing null values in the other-assets information fields is to the other-assets information page, thereby enabling the respective user to bypass the user profile summary page.
19. The at least one non-transitory computer-readable storage media of claim 15, wherein:
- each of the user profiles includes savings rate and savings type information fields for the respective user, and the ordered list of candidate modifications includes a sequence of candidate savings modifications including (i) maintaining a current savings rate and changing a savings type, (ii) changing the current savings rate to equal a company match rate, and (iii) changing the current savings rate to meet the user goal;
- the dashboard page further comprises a savings link operable to open a savings page, and the savings page enables editing of the savings rate and savings type information fields;
- the jump link associated with each of the sequence of candidate savings modifications is to the savings page; and
- the savings page further includes the opportunity area, wherein after activation of the jump link associated with the sequence of candidate savings modifications, the message is propagated to the opportunity area of the savings page.
20. The at least one non-transitory computer-readable storage media of claim 15, wherein the dashboard page further comprises an opportunities link operable to open an opportunities page, wherein the opportunities page is programmed to call the opportunity rules engine to execute an opportunities flow process including the following steps in sequence:
- (i) selecting a first candidate modification in the ordered list;
- (ii) determining whether the selected candidate modification has been implemented in the user profile;
- (iii) if the selected candidate modification has been implemented, selecting the next candidate modification from the ordered list and returning to step (ii);
- (iv) if the selected candidate modification has not been implemented, displaying (a) the message recommending the identified candidate modification, (b) the associated jump link, and (c) a next-opportunity link;
- (v) in response to activation of the next-opportunity link, selecting the next candidate modification from the ordered list and returning to step (ii); and
- (vi) in response to activation of the jump link, exiting the opportunities flow process.
Type: Application
Filed: May 21, 2019
Publication Date: Nov 21, 2019
Patent Grant number: 11710178
Inventors: Daryl Probetts (Highlands Ranch, CO), Sean Hough (Thornton, CO), Paul O'Connell (Wilmington, MA)
Application Number: 16/418,388
